Although the markets gaped higher on the late holiday retail pickup, internals are in what I'll call, "extreme neutral mode". Heck, the Advance - Decline line has vacillated between +200 and -200 for hours. Cumulative Tick is also running sideways, and Up and Down Volume are precisely evenly matched.
Even though this is a full trading day, I also note that volume is nearly as low as Thursday's. As overbought as equities are very short-term, I expect that some level of caution is warranted here. Lastly, the simple ETF Rotation models were down briefly this morning, but are now back up.
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